The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-06-29
jar could Makes Money on His Own
Stocks and Also Gets Re-
VeRge
ON CYRUS FIELD AS GRATIPICA-
TION FOR HIS ANIM0SITY.
Significant Words From "the Little
Mans" Direct Repre-
sentative.
lrEoiAL TO TIE APPHAL.l

OF lt6 KIM. lu6 holC pthtohOhb W
the facts is enough at once to arouse
the liveliest speculation as to its real
causes. For 1t 10 apparent that the
eiereotyped explanation Of the great
operators slack OF confidence on the
the part Of the public" is meaning
less phrase intended In this instance 10
cloak motives and distract attention
from the clews that may lead to the
revelation of the truth. Here, briefly,
was q season OF general business pros
perity, q willingness to invest on the
pR1t OF the public that was by no
means rash, healthy activity in all on.
terprisos, railroad hhowings partiCu-
larry satisfactory, and then, a tremen-
dous break in the prices OF some OF the
very strongest stocks represented in
their chief holdings by the most pow
eYiul and conservative man in the
street, II came 30 Unexpectedly that
the brokers' In the Exchange had no
time to think how queer 1t was; they
could only throw up their hands and
howl; and now most Of them are 80
tiOkled to think that they got out OF 1t
with nothing much worse than their
bowling for their fright, that they have
hs, dly begun TO consider seriously
how very queer II all was. And the
causes were queerer than the facts. II
lie like a royal romance with money
kings for personages. 1t may best be
told in the words Of an operator whose
experience and acquaintance in the
street are remarkably extended.
ITO begin with, "he said, SIT must
DO understood that no great operation
In stocks can be contaminated unless
various conditions are ripe for II; and
when they are II depends upon the
ssgaoity 81 some man OF great re-
sources to push his scheme 10 q con-
clusion. Now then, there are two
causes for the Friday panic; one Q
normal business cause without which
II 10 not at all probable the others could
have effected anything; and a personal
cause. The business cause is plain
enough. The reserve In the banks to-
day isla little upward OF q, 100000. A
year ago 1t was $l4, 000, coo, and year
OF two before that Ii was $50, 600, 600.
That seems that the money market ID
comparatively stringent. And that
wan the one condition which made II
possible for Mr.. Jay Gould and the
Hon. Russell Sage to worry Mr.. Cyrus
w. Field and incidentally to puniah
Ives, Stainer & 90. for their audacity
In attempting TO rig up railroad deals
1t 10 o fact that all the denials in the
world will not alter that Field and
Gould are not ON good terms and that
Sage sides with Gould. II anything
were really needed 10 make one
believe this II could be found
IN Warrington II. Oonner's re-
iteYated statement that Field
never keeps his word, that he 10 .
tricky man to deal with, etc. As Con
nor 10 Mr.. Gould's direct representa-
tive such words are significant. Now
as TO this furry and Its immediate
peraonal causes, they date back to the
hme OF George Gould's marriage with
Faith Kingdom, the actress. Funny
isn't Ii but it's 30. Field, you know
il good deal OF a snob; he likei
nothing better than associating with
nobility OF the titled kind, and ht
considered II altogether breach o.
caste law that young Gould should
marry an actress. He expressed hi
opinion to this effect without reseivl
at the time and Mr.. Gould, sr., wal
profoundly irritated. This with tn,
rnagnate's long cherished opinion o
Mr.. Field as voiced by Mr.. Conner
was enough to make a rivalry tina
has had not only business hostility
but personal spite In 1t. II has beer
concealed, beCause 1t las not been 70
the interest OF Field to admit am
hard feeling, rs he 10 the weake
party, and II hes not been In the in
teresls OF Mr.. Gould's desire for 70
venge at a seasonsble opportunity Il
expose his own attitude. This wa,
tho blow was struck, therefore, wa
this, and II partakes OF the old, oil,
way in which Gould and ssge hsv
icr years manipulated the market.
These two giants borrowed all tn
money in the market TO start with
Then they called in their loans, an
Mr.. Gould naively eaid in explainin
that act that he found he could loa
his money to better advantage thai
would result from lettingit lie wher
ID was. The banks meanwhile wer
made 10 perform their part in til
operation. They had loaned gres
deal OF money on Manhattan stock Q
security. They always prefer mike
security, that Is TO have various stock
in pledge for their cash rather tina
one stock only. All that was necei
ssry 10 get them 10 discredit MAMMAL
tan as security was TO intimate that
raid was to be made on it, that III
price would be driven down. AccorC
lngly this was done and the banks In
mfdiately said to their customer
We wiah You would no. kean Ne:
haitian so much to the fore as securlt,
We are holding more than we wan
please substitute some other line
stock for it, That was the first greI
starter; men found that they coul
rot borrow on Manhattan. Then
was Ssge's turn to act. On Frida
morning he held 10000 shares Of Mai
haitian that he had told Mr.. Fie
should not be sold. Mr.. Sage sol
every share OF them. Now whC
Field saw his iavorite stock going
smash as IL did very promptly und
these In ilusnces, he was compelled
buy Il for all he was worth in ord
70 sustain the market. 1t is apparen
oil course, that 1t was the aim Of Gou
and Sage to wreck Field by giviI
MIN g bigger task than he could q
oomplish. And as a matter OF fact /
man was ever 90 near a failure
Cyrus on that Friday afternoon.
had to 90 TO the direct straits to raj
tbs money for purchasing Manhatta
and when he purchased ii he b,
10 DO go at the loss Of HI
million or so. That he d
purchase it is shown by the action
w. p Wight & Co., firm that bong
5000 81 arcs Of Manhattan on Frids
Fold 10 the only one who could ha
given such an order, and though Il
operation was some what cloaked IL
clear, for in the firm Of Wight q Co.
,tnsr Nlaatn q fnrnnar oaaootata =,